House prices have surged by 25.2% in Seoul in South Korea, making it the fastest growing prime market in the world.<\/p>\n
After Seoul comes Tokyo in Japan (16.3%), and Dubai (15.8%) in the United Arab Emirates.<\/p>\n
Knight Frank, which compared global markets across 46 cities, also noted that these three cities are also the fastest growing in the past five years \u2013 just in a different order.<\/p>\n
Tokyo has seen the biggest five-year uplift (120%), followed by Dubai (107%) and Seoul (81%).<\/p>\n
Seoul prices have surged thanks to low interest rates to boost mortgage affordability, investors in Tokyo have been boosted by a weaker Yen, while Dubai has seen an influx of international investors.<\/p>\n
Liam Bailey, Knight Frank\u2019s global head of research said: \u2018A more complex economic outlook, particularly in the US, has added another layer of uncertainty.<\/p>\n<\/p>\n
\u201cStrong underlying fundamentals, such as wealth creation and supply constraints in prime districts, will support prices, but a significant acceleration in the market is unlikely in the second half of the year.<\/p>\n
\u201cPrime markets are taking a collective breath. The recovery we have seen over recent quarters was aided by the expectation of lower borrowing costs, and with that timeline now pushed out, a cooling in price growth is inevitable.<\/p>\n
\u201cWe\u2019re seeing a more fragmented market, with some European cities showing surprising strength while former high-flyers in Asia begin to level off.\u201d<\/p>\n
London is currently showing a year-on-year reduction of -2.5%, while other markets seeing falling house prices include Hong Kong (14.3%), Guangzhou in China (8.9%), and Toronto in Canada (-6.7%).<\/p>\n
Three quarters (75%) of cities saw positive house price growth over the past 12 months, at an average rate of 2.3%.<\/p>\n","protected":false},"excerpt":{"rendered":"
House prices have surged by 25.2% in Seoul in South Korea, making it the fastest growing prime market in the world. After Seoul comes Tokyo in Japan (16.3%), and Dubai (15.8%) in the United Arab Emirates. Knight Frank, which compared global markets across 46 cities, also noted that these three cities are also the fastest […]<\/p>\n","protected":false},"author":1,"featured_media":2746,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-2745","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-second-home"],"yoast_head":"\n